529 Galtier St

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,200 sq ft

Saint Paul, MN · Frogtown (Thomas-Dale) · View the listing ↗

13 photos

Photos, via Realtor.com.

Asking price: $275,000
Monthly cash flow: −$1
Estimated rent: $2,950/mo
Break-even price: $274,757

Adjust the numbers See the full breakdown

From the listing

Well-located up-and-down duplex in St. Paul's North End neighborhood offering strong access to public transportation, the State Capitol campus, and the restaurants, retail, and services along University Avenue. This duplex presents an excellent opportunity for investors seeking stable rental demand in a centrally located area with long-term upside potential. The property features traditional up-and-down duplex functionality with convenient access to major transportation corridors, downtown St Paul, and nearby employment centers. Utilities are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026. Future ownership will have the opportunity to improve NOI through utility cost recovery and operational efficiencies. Excellent value-add opportunity in an established rental corridor with continued tenant demand and strong location fundamentals.

Description from Realtor.com, MLS #7075039. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 up/down in Frogtown listed at $275K, and the numbers are roughly break-even at the ask. Our underwriting shows about -$1/month cash flow and a 6.4% cap rate, with a break-even price near $275K. The county values it at $205K, so the ask sits well above assessed value, and it has sat 140 days. The description gives no rents, no lease status and no repair history, so ask for the rent roll and trailing-12 expenses first. The photos show dated but livable interiors and radiator heat, so confirm how heat is billed and the boiler's age. Worth a showing, but with no cushion at the ask, push for a lower price.

Things to consider

Price vs. numbers At the ask, cash flow is about zero and the cap rate is about 6.4%. Break-even is essentially the asking price, so there is no cushion.
Rents and utilities unknown Without the rent roll and utility history you can't confirm income or how much the owner pays. Expenses could be higher than modeled.Listing says: “Utilities are currently partially owner-paid”
RUBS isn't income and St. Paul's cap applies Billing tenants for utilities may count toward the 3% annual rent cap, so don't underwrite it as upside.Listing says: “with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026”
Dated interiors mean turnover costs Worn carpet and older kitchen and bath fixtures point to refresh costs at turnover. Rent growth is capped for sitting tenants.From photo 6
Assessments and taxes Taxes are non-homestead at about $4,365 plus $863 in assessments. Confirm what the assessments cover and who pays them at closing.
Portfolio seller and long market time The mention of a portfolio program suggests an owner selling multiple properties. That, plus 140 days listed, supports a lower offer.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $275,000
Cash to close: $63,250
Price per unit: $137,500
GRM: 7.8

Each month

Cash flow: −$1/mo
Cash-on-cash: −0.0%
Cap rate: 6.4%
DSCR: 1.00×

Break-even

Price that breaks even: $274,757
Rent that breaks even: $2,952/mo

Long run

Year 30: property vs stocks: $1.17M vs $482K
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$2,950
Vacancy (6%)	−$177
Collected	$2,773
Property tax Public record	−$364
Insurance Estimate	−$215
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$236
Capital reserve (9% of rent)	−$266
Net operating income	$1,462
Mortgage (principal + interest)	−$1,464
Cash flow	−$1
Principal paid down (equity, not cash)	$186

Cash flow each year

Rents +3%/yr (St. Paul's cap for sitting tenants), costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,168,654

Your equity when you sell: $627,447
Rental profits, invested at 7%: $541,207

Same money in stocks$481,586

Cash to close, invested at 7%: $481,475
Monthly shortfalls, invested: $110

The building comes out $687,068 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.17M, stocks $482K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,475/mo · range $1,250–$1,550 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
336 Edmund Ave Unit 1, Saint Paul	$1,400	2 / 1	725	0.2 mi	2026-09-23	Apartment
375 Marion St, Saint Paul	$915	2 / 1	810	0.3 mi	2025-03-26	Apartment
581 Park St, Saint Paul	$1,549	2 / 1	—	0.3 mi	2026-08-15	Apartment
409 Lafond Ave Apt 2, Saint Paul	$1,450	2 / 1	1,000	0.4 mi	2021-12-23	Apartment
490 Charles Ave Apt 3, Saint Paul	$1,400	2 / 1	750	0.5 mi	—	Apartment
204 Western Ave N, Saint Paul	$1,275	2 / 1	800	0.7 mi	2025-03-07	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highNo rents, lease terms or expense history given; income can't be verified Listing says: Excellent value-add opportunity in an established rental corridor with continued tenant demand and strong location fundamentals. · AI review
mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3"
mediumOwner pays an unspecified share of utilities, so expenses are unclear Listing says: Utilities are currently partially owner-paid · AI review
mediumAsk is well above county market value Based on: data: county.market_value · AI review
low$863 in special assessments on the payable 2026 tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Ramsey County parcel 362923140077: special assessments (payable 2026) = $863.46
lowRental license shows Pending status; confirm it is issued and current Based on: data: city.rental_license · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 143 days on market
Price is about $36K above our break-even, and 140 days on market gives leverage to negotiate Based on: data: underwriting.break_even_price · AI review
Possible utility cost recovery, but only if lease terms allow it and the 3% cap is respected Listing says: Future ownership will have the opportunity to improve NOI through utility cost recovery and operational efficiencies. · AI review

Questions for the agent

What are the current rents, lease end dates and are any tenants month-to-month?
Which utilities does the owner pay, and what were the last 12 months of bills?
What are the $863 special assessments for, and will the seller pay them at closing?
How old are the boiler, roof, water heater and electrical panels, and are there separate meters?
Is the rental license issued, and why is it pending?
Why has it sat 140 days, and has the price been cut or any offers received?

Bottom line

Roughly break-even at the ask on estimated rents, with no margin for error; it only works if the actual rent roll and utility bills hold up, and a lower price would help. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$4,365
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,585
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $86,950 (24.0%) from the first ask of $361,950.

Date	Event	Price
2026-08-11	Price changed	$275,000
2026-06-26	Price changed	$325,000
2026-06-25	Relisted	$361,950
2026-06-24	Removed	—
2026-05-15	Listed	$361,950

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1900
Market value (2026)	$205,100
Property tax, payable 2026	$4,365
Special assessments	$863
Homestead	no
Last sale	—

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2028-01-26.

Nearest highway

I 94, about 705 m away.

Crime in Frogtown

824 incidents in the last 12 months (53 per 1,000 residents), −26% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.